PHOTO
Cairo: Lucidya, the leading company in monitoring and analyzing Arabic social media platforms, announced achieving record growth rates in revenues, boosted profit margins, and expanding its customer base in Saudi Arabia and abroad, in 2020.
Lucidya revealed that during the fiscal year 2020, its annual revenues were quadrupled, with increased profit margins up to 90%, stressing that this achievement came as a result of the enlarged operational efficiency, boosting investment in artificial intelligence (AI) programs, escalated company's capabilities in using and processing Arabic data, in addition to the remarkable growth in its government customer base as well as the higher demand from global brands and consultancies.
Abdullah Asiri co-founder and CEO Lucidya said: "Companies, organizations and governments have enlarged usage of social media platforms to understand their target audience. During the past years, Lucidya platform has invested to provide the most accurate monitoring and listening services that help brands and presidents of organizations better understand the target audience and enable them to make smarter strategic decisions while communicating with them.”
Asiri added that despite impact of the Corona pandemic on all sectors, Lucidya was classified as the world's fastest growing company in "Providing Software as a Service" (SaaS).
The classification came according to "SaaS Capital" standards, the leading reference since 2007 to evaluate, support and invest in companies selling software as services.
Established in 2016, Lucidya developed advanced AI- powered social media and digital channels analyzing and monitoring solutions and services to measure marketing performance, accurately track the brand's reputation and advance its image in the market.
During the past year, the company has succeeded in attracting a large group of customers in Saudi Arabia and abroad that varied between government entities and private sector in the fields of finance, retail and services, and has won the trust of a number of international brands such as PRM Global Marcomms, FCB Global, Procter & Gamble, Domino’s Pizza and Kia.
Together with the King Abdullah University of Science and Technology (KAUST), Lucidya, launched the prime Arabic data initiative to boost high-quality local technical capabilities dedicated to training artificial intelligence (AI) models, aiming to develop (AI) research related to Arabic language.
-Ends-
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.